The State Bank of India has hiked its marginal cost of funds-based lending rates by 10 basis points across tenures, effective today, according to information on the bank's website.
Rates on the bank's loans will be in the range of 7.95-8.70%.
The bank has also hiked the repo-linked lending rate and the external benchmark lending rate by 25 bps each to 8.75% and 9.15%, respectively, effective today.
On Feb 8, the RBI's Monetary Policy Committee raised the policy repo rate by 25 bps. The repo rate now stands at 6.50%, taking the total increase in the key policy rate since May to 250 bps.
In January, the state-owned bank had hiked its one-year MCLR by 10 bps.
Cumulatively, the central bank hiked the repo rate by 250 basis points to tame inflation, but it still remains above the RBI's upper tolerance limit of 6%.
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